An AP news article titled It’s a mismatch on the economy. Even as inflation wanes, voters still worry about getting by, covering economic worries despite a relatively strong economy. The article covers the economic woes of the people of the city of Grand Rapids, MI. During the poll, the city of 200,000, responded rather negatively to the US economy, despite recent inflation, production, and employment numbers coming out rather strong compared to the rest of the world. The article highlighted several reviews from the inhabitants of Grand Rapids, varying from political affiliation, job, and family size. However, all interviews reported a negative outlook on the economy, mainly around housing and food costs. I think this article is a good example of how the average American is impacted by the economy, while regulators only run off of indicators and macro concerns. While regulators, investors, and the wealthy are celebrating the state of the economy, price levels have kept the rest of America from feeling the same about the economy. The article gives a good parallel on how theory and real-life interact with each other.
Link to the Article: https://apnews.com/article/economy-voters-stress-biden-michigan-2024-election-92071eacbbb7a39f12e838ec9daaa51c
4 comments:
I think this is interesting and plays well into something discussed at the economic outlook conference which was that despite how great our economy looks historically and against the rest of the world, people still have very negative perceptions about it which negatively affects it. If consumer confidence is down that hurts us but it turns into a new beast when there's consumer worry but nothing to currently worry about.
Even though macroeconomic indicators show a robust economy, everyday challenges faced by average Americans, like affordability issues, show a picture of economic well-being on a different perspective.
It's interesting to see the apparent mismatch between positive economic indicators such as inflation waning, production, and employment numbers, and the negative sentiments expressed by voters.
It seems as if it is something we are just going to have to live with, prices do not seem like they will ever go down on everyday goods.
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